If you’re new to sports betting, sportsbook odds can seem confusing. But fear not: this guide will explain it all step by step. A little practice and patience will have you reading odds like a pro in no time. Bookmaker odds explained: Bookmakers such as SpinPinoy make betting easy and easy to understand, so let us take a look at what sportsbook odds are.
What Are Sportsbook Odds?
Sportsbook odds are figures that indicate the likelihood of an event occurring — and how much you can earn if you place a bet on it. There are three major types of odds, namely decimal, fractional, and American. Though they differ visually, all offer the same information.
Why Are Odds Important?
Odds are important because they tell you where to put your money. This indicates how much you could win if you place a bet and how likely an outcome is. Whether you bet on football, basketball, or tennis, knowing how to read the odds is the first step to making smart bets.
Types of Sportsbook Odds
Decimal Odds
The simplest type of odds are decimal. They reflect the total payout per dollar wagered, including your original bet. If the odds are 2.00 and you wager $10, your total payout will be $20 ($10 x 2.00).
Fractional Odds
In the UK, we use fractional odds. They demonstrate your potential profit based on your bet. For example, 5/1 odds mean you will win $5 for every $1 wagered, plus your original stake.
American Odds
Common in the US, American odds can be positive or negative. Positive odds (+200) indicate the amount of profit you will make if you bet $100. (negative odds (-150) tell you how much you bet to win $100).
How to Calculate Winnings
Example 1: Decimal Odds
Bet $20 with odds of 3.50:
Payout total = $20 x 3.50 = $70
Profit = $70 – $20 = $50
Example 2：Fractional Odds
Odds 4/1 If you bet $10:
Profit = $10 x 4 = $40
Total payout = $40+$10 = $50
Example 3: American Odds
We’re going to take +250 odds and bet on $30:$
Profit = $30 x 2.5 = $75
Overall payout = $75 + $30 = $105
If the odds are -200 and you wager $50:
Profit = $50 / 2 = $25
The total payout = $25 + $50 = $75
Having a Look at Odds
Do Your Research
Research the teams, players or events on which you’re wagering. The more you know, the better rule of thumb that you can apply.
Compare Odds
Odds can vary from sportsbook to sportsbook. Platforms such as SpinPinoy offer competitive odds so making comparisons for value is beneficial.
Start Small
If you’re new to betting, start with low stakes. This allows you to learn without putting too much money on the line.
How Odds Are Set
Sportsbooks adjust odds according to various factors, including team performance, player injuries, and public sentiment. They try to get equal betting on both sides so they make a profit no matter who wins.
Basics of Over/Under Odds
Over/unders are on the total score of a game. Here’s how you would read it, for instance, if the over/under is at 50 points:
An “over” bet means you believe the combined score is going to be higher than 50.
An under bet means you think the score will be lower.
Moneyline Bets
The simplest type of bet, moneyline bets are pretty straightforward. You’re simply selecting the winner. For example:
Team A: -150
Team B: +200
If you wager a hundred bucks on Team B and they win, you’ll earn a $200 profit.
Spread Betting
Spread betting evens out competition between teams. For example:
Team A: -7
Team B: +7
If you wagered on Team A, they must win by greater than 7 points. If you wager on Team B, they must lose by no more than 7 points or win to win your bet.
Live Betting
Give live betting where you can bet on a game during the event. This is an exciting dynamic way to adjust your approach based on what’s happening as it happens. The likes of SpinPinoy also often include live betting functionality into their offerings, improving the excitement of the game.
Responsible Betting
Set a Budget
Never risk money you cannot afford to lose. Set some limits so you don’t go overboard.
Know When to Stop
If you’re losing a lot, sit out for a while. Trying to win back your losses can create even bigger problems.
Use Trusted Sites
Only use trusted operators like SpinPinoy and bet with peace of mind.
Conclusion
Knowing how sportsbook odds work is crucial for betting wisely and having fun while betting. Learn the basics and do proper betting, that way you can have fun and maybe win some money too. Whether you are betting on your favourite team or simply exploring new sports, knowledge is your best friend. So, get started and check out sites like SpinPinoy, and have fun with sportsbook odds!
